MassHousing Provides $10M Loan For 50-Unit Cornerstone Homes Development In Hyannis
255 Independence Drive
$10,000,000
Building Size
—
Asset Type
MultiFamily
Closing
Dec 9, 2025
AI
The asset involved in this transaction is a multifamily development located at 255 Independence Drive in Hyannis, MA. The total loan amount for the project is $10,000,000, which was provided to assist in the construction of Cornerstone Homes, a development comprising 50 units designated for moderate-income, first-time homebuyers, alongside four rental units.
Summary of transation details:
- Property Type: Multifamily
- Transaction Amount: $10,000,000
- Lender: Chrystal Kornegay - MassHousing
- Development: Cornerstone Homes
- Location: 255 Independence Drive, Hyannis, MA
- Units: 50 units for homebuyers and 4 rental units
Chrystal Kornegay, representing MassHousing, facilitated the financing for Housing Assistance of Cape Cod to support the development aimed at providing homes for moderate-income individuals and families.
Players
Hyannis MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.59%
Cash-on-Cash
-0.45%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93